Report on the Legal Framework of the Insurance Sector in Albania
The scope of this report – by Rokas (Tirana) – is to present the legal regime framework related to insurance in the Republic of Albania, some of them follow below
REGULATION
The insurance sector is governed by Law no. 9267, date 29.07.2004 “On the Activity of Insurance, Reinsurance
and Intermediary in Insurance and Reinsurance”, as amended.
The aim of this law is to further regulate the licensing procedure for the insurance and intermediary undertakings, to
increase the role of the Insurance Supervisory Authority through restructuring of its organizational and financial
structure and empower the supervisory methodology through the establishment of an operating regulatory system.
The outcome of these three objectives would enable the establishment of a stable, efficient and transparent market
in the protection of the interests of insured.
Other relevant laws and regulations in this sector are:
Law no. 9572, date 03.07.2006 “On Financial Supervisory Authority”
Law no. 9879, date 21.02.2008 “On Securities”
Decision of Council of Minister no. 79, date 28.01.2008 “On setting the criteria and procedures concerning
insurance intermediaries’ licensing and the rules of supervising their business, as well as, the cases of refusing
the license”
Regulation no. 41, date 28.05.2009 “On minimum liquidity of securities brokerage companies”
Regulation no. 165, date 23/12/2008 “On the licensing of the brokerage/ intermediary companies, the broker
and the investment advisor”
Regulation no. 2, date 18.06.2007 “On Reinsurance Criteria”
Regulation no. 6, date 08.02.2007 “On the Rules, Approaches and Conditions of Insurance Companies
Reporting to the Financial Supervisory Authority”
Regulation no. 14, date 08.02.2007 “On some criteria to be met by elected or appointed individuals in leading
positions of insurance and reinsurance companies”
Regulation no. 13, date 08.02.2007 “On the procedures for accepting and reviewing of applications regarding
providing with license to conduct insurance or reinsurance business in the Republic of Albania”.
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